Running is one of the best activities that people engage in when they are spending their leisure time and want to keep fit. There is a wide range of equipment that is required for you to enjoy your sprints. Thus, a running shop to serve the runners is a great idea. Before you establish the running shop, there are several things that you should consider. Herein are guidelines to follow before setting a running shop.
Plan for the Expected Expenses
For a business to run well, there are some expenses that an individual should expect to incur. Such costs include starting stock, rent, payment of employees, business license, insurance and other charges. In short, calculate the required initial capital that should be sufficient to cover all the expenses and other unforeseen costs.
Decide on the Customer Segment
In case you have decided to establish a running shop, it is crucial to ensure you have the right target market. This could be schools, running teams and coaches who buy running equipment frequently and in bulk.
Draw a Marketing Plan
When you are planning to invest in running shops, you should set a target that you can meet. Therefore, it will be of significance if you look for ways you can increase the profit. One way of increasing your profit is by coming up with the right marketing plan. For instance, you may purchase running equipment, which has been used, refurbish and sell at a profit. Alternatively, you can get the equipment directly from the manufacturers.
Select an Ideal Location
It is essential you select a good location for your shop. Consider a site that can be accessed by people on foot and those using vehicles. Besides, the location should be spacious to accommodate your athletic equipment. Places that are closer to recreational areas are the best to rent. You might also discard a physical shop for a purely online store.